Crypto markets have struggled in recent months, with bitcoin falling more than 50% from its late-2025 peak after a sharp June selloff driven by persistent exchange-traded fund (ETF) outflows, elevated interest rates and weaker risk appetite.

Ether (ETH) and most major altcoins have underperformed bitcoin during the downturn, although a handful of sectors, including decentralized finance (DeFi) and tokenization, have shown relative resilience.

While crypto adoption is expanding across stablecoins, tokenized real-world assets, onchain credit and DeFi, the bank argued that usage alone does not drive token value. Instead, long-term winners will convert activity into sustainable cash flow or lasting monetary demand.

Cantor identified…